Harborside Inc (OTCMKTS:HSDEF) Expects To Post $50 Million In Revenues In 2019: OSC Agrees To Grant MCTO

Harborside Inc (OTCMKTS:HSDEF) expects to receive MCTO (management cease trade order) from OSC (Ontario Securities Commission). The MCTO is for the delay in submitting the audited financial statements for 2019 because of the COVID-19 impact. Harborside needs to file the financial statements by June 15, 2020. The company will complete the filing by July 10, 2020. It also received a temporary cease order from OSC for the refilling of financial statements for 2017 and 2018. It helps Harborside to account for transactions resulted from FLRish Inc’s reverse takeover.

Prevents trading in subordinate shares

The temporary cease order prevents trading of the subordinate shares with immediate effect. OSC will issue a permanent cease order if Harborside fails to resubmit the documents on or before June 22, 2020.

The subordinate voting shares trading is also halted on the CSE (Canadian Stock Exchange) following CTO (Cease Trade Order). However, Harborside will not be delisted from CSE. Its shares are expected to begin trading after revoking CTO.

If Harborside files the audited financial statements for 2017, 2018, and 2019, the temporary cease order expected to be revoked. OSC may issue an MCTO for the balance restated documents for up to one month. Harborside is working with its auditors to complete annual financial statements and restated documents and submit to OSC. The delay is mainly due to coronavirus impact.

Interim CEO and Chairman, Peter Bilodeau said the company’s present financial performance improving and remains positive. He does not want to reduce the significance of a delay in restatements and filing. Peter further said the company performed well despite the social unrest in the recent period and the coronavirus’s impact. Harborside will issue an update as per the compliance with the security laws in Canada on June 30, 2020.

Q1 2020 earnings

The company expects to report revenues of $50 million in 2019. It also expects to report $14 million in revenues in Q1 2020.

Strengthens marketing department

Harborside strengthened its marketing department by recruiting Alexis Mora. She will lead the marketing department. Her previous roles include Director (Marketing) for four years at Bloom Farms. She played vital roles in functional beverages, active lifestyle, wellness and health, and cannabis industries. Alexis is expected to strengthen marketing efforts and promote brand building.

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